The Buyt Desk
For income tax returns filed on and after August 1, 2022, the Central Board of Direct Taxes has decreased the verification time limit from 120 days to 30 days.
The last day for filing individual Income Tax Returns for Financial Year 2022-23 was July 31st, 2022. Income Tax Returns verification is the last step to complete the process of Income Tax Return (ITR). Earlier the taxpayer had to do ITR Verification within 120 days from the date of ITR filing. ITR Verification is essential and the last step of ITR filing. ITR filing is incomplete and considered invalid if ITR Verification is not done within the stipulated time. There are different ways to do ITR verification. It is advisable to do ITR verification at the earliest and best when done along with ITR filing.
New rule : Time limit for ITR Verification is reduced
On July 29, 2022, the Central Board of Direct Taxes (CBDT) issued a new circular regarding ITR Verification. According to this circulation, the time limit for ITR Verification is reduced to 30 days from August 1, 2022. For returns filed until July 31, 2022, the old rule of 120 days time limit from the date of uploading or filing the ITR still holds good. To successfully complete the ITR filing process, after uploading or filing the ITR you need to stick to the timeline of ITR verification else it shall be deemed void. There are various ways through which you can verify your ITR.
What are different ways to do ITR verification?
There are three different ways to verify your ITR. Let’s look into each in detail.
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OTP on the mobile number registered with Aadhaar
This is the most preferred way for ITR verification. The prerequisite for this method of verification is that you should have an Aadhaar number and the same should be linked to your PAN and also the Aadhaar registered mobile number and the mobile number linked to the PAN should be the same. Here are steps to do it
Step 1 : Select ‘I would like to verify using OTP on mobile number registered with Aadhaar’ on the ‘e-Verify’ page and Click on ‘Continue’
Step 2 : Select ‘I agree to validate my Aadhaar details’ in the pop-up box and click on ‘Generate Aadhaar OTP’.
Step 3 : Enter the 6-digit OTP received on the registered mobile number. This OTP is valid for only 10 minutes.
Step 4 : ITR shall be verified and on successful verification you will receive a SMS on your registered mobile number from the Income tax department saying that your ITR is successfully e-verified.
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EVC generated through pre-validated bank account
Electronic Verification Code (EVC) is generated through your bank account for this process of ITR verification. The prerequisite for this method of verification is a pre-validated bank account. This pre-validated bank account is also needed to receive income tax refund. Here are steps to do it
Step 1 : Select ‘Through bank account’ on ‘e-verify page’. Then click on ‘Continue’.
Step 2 : The EVC will be received on both registered email and mobile number.
Step 3 : Enter this EVC and click on e-Verify.
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Offline route
This is least preferred as it is time consuming and takes a lot of effort. For this way of ITR verification, you need to follow the below steps.
Step 1: Download ITR-V which is the acknowledgement receipt
Step 2 : Duly sign this form. Now this is verified ITR-V.
Step 3 : Send the same to The Central Processing Center, Income Tax Dept, Bengaluru-560500 Karnataka, through post or courier.
For this process, the date of speed post of the verified ITR-V should be within 30 days from date of filing or uploading ITR.
Step 4: Once the Central Processing Center receives your package, they will send a confirmation of receipt to your registered e-mail ID.
